How often do houses sell for above the asking price?

AdrianC

"I bet they won't have put it in writing, the lying liars! They never do..."
It's in writing.
"I still bet it doesn't really exist..."

Well, if it doesn't, then they're waving goodbye to a proceedable asking-price offer...

C'mon, people - think...

How much extra commission will the EA get on a sale that they squeeze another few quid out of?
How much commission will the EA get on a no-sale because the buyer just walked away?

System

You forget that EA's often enjoy playing games in their otherwise tedious jobs. It's not just the money, it's often their sense of self worth and a badge of honour to squeeze the last pips out of buyers, if they think the buyer will not walk away.

ACG

If I was a betting man, I would say builder/developer/friend of the agent.
Offer will get reduced either:
1) Once the survey is done or;
2) At the last minute.

Dont get me wrong, there are times the property goes for more than the asking price, but not usually on properties that are empty, owned by old people and need work doing to them.

eddddy

Diocletian_II wrote: »

You forget that EA's often enjoy playing games in their otherwise tedious jobs. It's not just the money, it's often their sense of self worth and a badge of honour to squeeze the last pips out of buyers, if they think the buyer will not walk away.

EAs have targets to hit.

If the OP's offer of £250k was acceptable to the seller - the EA wouldn't faff around and make up some lies about another offer (in the hope of earning their firm an extra £20 to £50)...

... and potentially annoying a potential buyer to the extent that they walk away.

They would do their due diligence, get the memorandum of sale out, and concentrate on closing the next sale.

AdrianC

ACG wrote: »

Dont get me wrong, there are times the property goes for more than the asking price, but not usually on properties that are empty, owned by old people and need work doing to them.

I beg to differ. That kind of property is probably quite likely to get excited high bids - but from amateurs who've been believing the daytime telly home improvement shows, and haven't done the sums properly. They think they've stumbled across a golden opportunity to become a Rich Property Developer.

ACG

Those programmes are not really on TV anymore.
I have renovated a couple of properties and none had multiple bidders and were all bought for under the asking price.

Dont get me wrong, I am not Sarah Beeney or remotely close, but I tend to find properties that are all done, painted grey and freshly plastered gets people being silly and paying more than the asking price.

Surrey_EA

ACG wrote: »

Dont get me wrong, there are times the property goes for more than the asking price, but not usually on properties that are empty, owned by old people and need work doing to them.

I wish to strongly disagree!

Empty houses needing a lot of work, owned by old people are exactly the type of property that I find receive the greatest interest.

Mutton_Geoff

spadoosh wrote: »

Why did you pick this house over other houses that do not require the works?

Because they've been HUTHed?

System

Surrey_EA wrote: »

Empty houses needing a lot of work, owned by old people are exactly the type of property that I find receive the greatest interest.

Indeed, I imagine houses that need a lot of work and expense are so popular they often command a premium to equivalent houses that require no work or expense.

ACG

Surrey_EA wrote: »

I wish to strongly disagree!

Empty houses needing a lot of work, owned by old people are exactly the type of property that I find receive the greatest interest.

I will take your word for it, you will see far more than I do.
I can only go off my limited experience.